CBL & Associates Properties, Inc. reported a net income of $8.4 million for the first quarter of 2025, a significant improvement from a net loss of $0.5 million in the same period of 2024. The company’s total revenues increased to $141.8 million, up from $129.1 million year-over-year, driven primarily by a $13.3 million rise in rental revenues, which reached $137.4 million. This growth was attributed to the consolidation of properties acquired in late 2024, including CoolSprings Galleria, Oak Park Mall, and West County Center, which contributed an additional $20.7 million in rental income.
In terms of expenses, CBL reported total expenses of $121.3 million for the quarter, compared to $102.3 million in the prior year. The increase was largely due to higher depreciation and amortization costs, which rose by $7.5 million, and a $6.5 million increase in real estate taxes. The company also experienced a $4.4 million rise in interest expenses, reflecting the impact of higher debt levels following recent acquisitions. Despite these increases, the company achieved a comprehensive income of $7.9 million, compared to a loss of $0.4 million in the previous year.
Operationally, CBL's portfolio occupancy improved to 90.4% as of March 31, 2025, up from 89.4% a year earlier. The company signed a total of 576,926 square feet in leases during the quarter, although this was a decrease from 1,146,801 square feet in the same period of 2024. The average annual base rent per square foot for the total portfolio increased slightly to $26.27, compared to $26.00 in the prior year. CBL's strategic focus remains on enhancing tenant mix and occupancy rates, particularly through the re-tenanting of former anchor spaces.
Looking ahead, CBL plans to continue its strategy of reducing debt and extending its debt maturity schedule to improve cash flow and enterprise value. The company has also authorized a $25 million share repurchase program and declared a regular cash dividend of $0.40 per share for the quarter ending June 30, 2025. CBL's management remains optimistic about stabilizing revenues and occupancy levels, despite ongoing challenges in the retail sector, including competition from e-commerce and changing consumer preferences.
About CBL & ASSOCIATES PROPERTIES INC
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